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Speculators going short on Bitcoin and crypto are hurting today as markets have surged. As a result, there has been a large number of liquidations on short positions as BTC and its brethren rebound from weeks in the doldrums.
Crypto markets have pumped more than 5% over the past 12 hours as $65 billion reenters the space. Consequently, the bears have been liquidated to the tune of around $155 million.
Crypto Liquidations Pile on as Markets Bounce Back
In one of the largest daily moves in recent months, crypto markets are up 5.2% over the past 24 hours.
Total capitalization has returned to $1.17 trillion, climbing from an intraday low of $1.10 trillion around 12 hours ago.
All losses from the SEC-induced dump on June 14 have now been recovered. However, the longer-term view still paints a picture of consolidation and sideways markets.
According to Coinglass, there have been $155 million in total liquidations over the past 24 hours. Additionally, the vast majority of them, or around 80%, have been short positions.
Aragon (ANT) traders have been burnt with the most liquidations as the token goes on a 13% tear today.
The market move follows several applications for Bitcoin spot ETFs from major financial institutions such as BlackRock and WisdomTree.
Furthermore, Fidelity, Schwab, and Citadel are launching crypto exchanges. This raises suspicions of a coordinated effort as SEC goes to war against Coinbase and Binance.
“This is not a short squeeze, but someone(s) is just buying BTC a lot,” said CryptoQuant CEO Ki Young Ju.
If you want to become a better crypto trader, read here to learn more about order books and how to use them in your strategy:
Order Book: What Is It and How To Use It in Crypto Trading?
Bitcoin Leading The Charge
Bitcoin is leading markets higher at the moment, having spiked 6.6% over the past 12 hours. As a result, the asset peaked just below $29,000 during the Wednesday morning Asian trading session.
BTC has since fallen back slightly to change hands for $28,698 at the time of writing.
Despite its “hangover period,” BTC has made an impressive 10.6% over the past week, most of that in today’s move.
Ethereum is also performing well today, with a 4.8% gain on the day to reach $1,811 at the time of writing.
Other altcoins enjoying market momentum include Cardano (ADA), Polygon (MATIC), Litecoin (LTC), and Avalanche (AVAX).
However, most of the altcoins are still way down from their peak prices during the last bull market.